London’s luxury players are clamoring for the return of the duty-free scheme for foreign visitors, abolished across the Channel at the end of 2020 after Brexit. The British capital has lost its attractiveness compared to its European competitors.
The British luxury industry intends to make itself heard. Since the withdrawal of Great Britain from the European Union, and the disappearance of duty free for tourists, London is no longer the leading destination that it was. And it is losing ground to other European capitals such as Paris, Milan and Madrid.
Today, Wednesday, the government’s budget statement is presented by Jeremy Hunt, the finance minister. And for the capital’s luxury goods industry, the top priority is to restore the duty-free scheme.
Hundreds of retailers, as well as representatives of Harrods and Harvey Nichols, the capital’s flagship department stores, luxury hotels, restaurants and property developers in upmarket areas such as Knightsbridge and King’s Road, are up in arms. They have lost a major competitive advantage over European metropolises, which are always favored by such a reduction in charges. Which can lead to a differential of about 20% on the price paid by the customer.
If London is less attractive to foreign customers, it is also less attractive to British buyers, who prefer to shop in the European Union where they enjoy a discount.
Featured photo : © Carlton Cannes